%20-%20157516%2021-Oct-2011_files/image002.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZENITH
TRADING (HK) |
|
|
|
|
Registered Office : |
Flat 05, 6/F., Block B, Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
11.11.2002 |
|
|
|
|
Com. Reg. No.: |
33128281-000-11 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Diamonds, watches and clocks, photographic equipment, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
ZENITH TRADING (HK)
Company ADDRESS
Flat 05, 6/F., Block B, Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2369 0225, 9754 5491
FAX: 2369 0325
MANAGEMENT
Manager: Mr. S.A.K.A.Y. Mohamed Uvais
SUMMARY
Establishment: 11th November, 2002.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$8-9 million.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Head Office:-
Flat 05, 6/F., Block B, Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
· Nabila Traders, Hong Kong.
· Star Enterprises, Sri Lanka.
· Zenith Enterprise (S) Pte. Ltd., Singapore.
BUSINESS REGISTRATION NUMBER
33128281-000-11
MANAGEMENT
Manager: Mr. S.A.K.A.Y. Mohamed Uvais
PARTNERS
Name: Mr. S.A.K.A.Y. MOHAMED UVAIS
Residential Address: Flat B, 4/F., Hon Kwong Mansion, 25-29 Hankow Road, Tsimshatsui, Kowloon, Hong
Kong.
Name: Mr. Habeeb Mohamed SEYED ABOOSALIH
Residential Address: Flat B, 4/F., Hon Kwong Mansion, 25-29 Hankow Road, Tsimshatsui, Kowloon, Hong
Kong.
HISTORY
The subject was established on 11th November, 2002 as a partnership concern owned by Mr. S.A.K.A.Y. Mohamed Uvais and Mr. Habeeb Mohamed Seyed Aboosalih under the Hong Kong Business Registration Regulations.
Initially the subject was located at Flat A, 7/F., Hon Kwong Mansion, 25‑29 Hankow Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat B, 4/F. of the same building in December 2005. The subject moved to the present address in April 2011.Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Diamonds, watches and clocks, photographic equipment, etc.
Employees: 2.
Commodities Imported: Japan, India, Belgium, other European countries, etc.
Markets: Asian countries, Europe, North America, Middle East, etc.
Annual Turnover: HK$8-9 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit & Loss: Making a small profit in the past years.
Condition: Business is normal.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Zenith Trading (HK) is a partnership jointly owned by Mr. S.A.K.A.Y. Mohamed Uvais and Mr. Habeeb Mohamed Seyed Aboosalih.
The subject’s registered address is located at Flat 05, 6/F., Block B, Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong. This office is not in a commercial building but a residential building. It is likely that the two partners have moved to this new address but does not make any amendments on the subject’s registration materials. It seems that the subject’s operating address is also the partners’ new residential address.
The residential building is not trespassed by outsiders.
According to the subject, it has had two employees.
Currently, the subject is trading in the following commodities and offering clients with the following services:-
|
Product/Service |
Product/Service
Remarks |
|
Fine Jewellery |
|
|
Diamond |
Cut and polished (Importer) Cut and polished (Retailer) Cut and polished (Exporter) |
|
Stone Polishing and Cutting |
|
|
Fine Jewellery Findings and Setting |
|
|
Gemstones and Jade |
|
|
Precious and Semi-Precious Jewellery |
|
|
Watches and Clocks |
|
|
Watch / Clock Parts |
|
|
Watch Dial |
|
|
Watch Case – Metal |
|
|
Watch / Clock Movement |
|
|
Clock Movement – Digital |
|
|
Watch Movement |
|
|
Watches |
|
|
Watch – Digital, Electronic |
|
|
Clocks |
|
|
Clock – Wall |
|
|
Timer – Electronic |
|
|
Photographic and Optical Equipment |
|
|
Cameras and Photographic Equipment |
|
|
Camera – Movie |
|
|
Camera – Digital |
|
|
Audio-Visual Products |
|
|
Audio and Video Tape / Disk (Pre-recorded) |
|
|
Audio and Video Cassette Components / Accessories |
|
|
Audio and Video Tape / Disk (Blank) |
|
|
Audio Equipment |
|
|
Clock Radio – Analogue |
|
|
Electrical Appliances |
|
|
Used Electrical Home Appliances |
|
|
Electrical Domestic Appliances – Miscellaneous |
|
|
Fan – Electrical |
|
|
Personal Care Appliances – Electrical |
|
|
Kitchen Appliances – Electrical |
|
|
Telecom Products |
|
|
Mobile Phone and Mobile Phone Equipment |
|
|
Telephone and Telephone Equipment (Excluding Mobile Phone) |
|
Prime markets are Singapore, Sri Lanka, other Asian countries, Europe, North America, the Middle East, etc. The subject has set up associated firms in Singapore and Sri Lanka.
The subject is the owner of the brand “Gemex” watches. Chiefly handled by the two partners, the subject’s business is rather active. History in Hong Kong is about nine years.
The subject’s business is chiefly handled by S.A.K.A.Y. Mohamed Uvais who can be reached at his mobile phone number 9754 5491.
The annual sales turnover of the subject ranges from HK$8 to 9 million. Making a small profit in the past years.
Besides operating the subject, S.A.K.A.Y. Mohamed Uvais is also operating another firm Nabila Traders which is also a Hong Kong-registered firm. Established on 8 February, 1974, Nabila Traders is engaged in the same lines of business as the subject.
On the whole, consider the subject good for normal business engagements.
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis the Indian diamond industry
has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a
dozen diamond firms in Surat. Until about two months ago, they had not
repaid these dues. Bankers believe many diamantaires borrowed money
during the economic downturn two years ago and diverted funds to businesses
like real estate and capital markets. Many of themselves made money from these businesses
but their diamond companies have gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.71 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.